Daily Pre-Market News🐝
Enjoy your coffee this morning ☕
Futures right now:
• Dow: down ~0.9%, about 470 points
• S&P 500: up ~0.3%
• Nasdaq-100: up ~1.4%, strongest of the three
• Yesterday was rough. The Nasdaq fell 5.5% and the S&P dropped 4.4%, the worst day since April 2025. The Nasdaq is now in correction territory, more than 10% off its record.
• The selloff came from AI and chip stocks. After the midterms, investors worry new data-center limits could slow the AI buildout. Chip stocks got crushed, with the semiconductor index down over 12%.
• Oil is in the mix too. Brent jumped after reports of tankers hit in the Strait of Hormuz, which is keeping inflation worries alive. Traders now see a better than 65% chance the Fed hikes rates in December.
• Big one today: the October jobs report lands at 8:30 AM ET. Expected to show about 65,000 new jobs, with unemployment steady at 4.2%. A few Fed speakers are also talking later.
• Bitcoin is around $76,000 after dropping below it yesterday, and gold has slipped back under $4,100 an ounce.
Have a great day💵
